Bank of Melbourne Standard Variable Rate Home Loan

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A simple home loan with a range of features

The Bank of Melbourne (BoM) Standard Variable Rate Home Loan offers the ability to customise your loan to suit you and your financial goals.

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Expert review

Marc Terrano

Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

This loan is suitable for the following:

  • Purchasing a family home
  • Purchasing an investment property
  • Purchasing vacant land
  • Refinancing an existing home loan with another lender

About this loan

What are the features and benefits of the Bank of Melbourne Standard Variable Rate Home Loan?

  • Loan term. The standard variable rate loan can be taken out for a loan term of up to 30 years and can be used for a variety of purposes.
  • Repayment flexibility. Customers can choose between setting their repayments to cover Principal and Interest payments, or opt for an interest-only payment. Repayments can be made weekly, fortnightly or monthly, though interest-only payments must be made monthly. Variable rate customers can make additional repayments at any time without penalty.
  • Lump sum repayments. If you receive an extra amount of cash, such as a tax return or bonus, you can deposit this amount directly into your mortgage. The amount will be paid directly off the principal balance owing.
  • Direct transfer. If you have Internet banking set up, you are able to transfer cash from your transaction account into your mortgage account at any time. You are also able to transfer funds from transaction accounts held with other banks if you wish.
  • Redraw facility. Any extra repayments made off the home loan can be redrawn if an emergency arises. The Redraw Request form can be filled in from the secure Online Banking site. Fees are listed below.
  • 100% offset account. Customers that have a standard variable rate home loan with the Bank of Melbourne can take advantage of the Mortgage Equaliser account. This gives them a 100% offset facility that reduces the amount of interest paid by offsetting interest calculated on the loan by the amount in the account.
  • Switching from variable to fixed interest rate. Bank of Melbourne customers can switch from a standard variable rate home loan to a fixed rate home loan. Once the fixed rate term expires, the mortgage will automatically revert to the standard variable rate. However, the customer may choose to contact the Bank of Melbourne to re-fix a variable loan once this has happened.
  • Variable rate discounts. The Bank of Melbourne offers an Advantage Package, which allows customers to package their home loan with other banking products, offering savings on fees and discounted interest rates.

What fees and charges come with this loan?

  • Redraw fees. $0 online or over the phone, $25 at a branch.
  • Establishment fee. This home loan carries an establishment fee of $600
  • Monthly fee. This loan comes with a monthly admin fee of $10.

How to apply

If you'd like to apply for this loan, please click on 'go to site' to be safely redirected to the application page. The whole process will take about 10-15 minutes, with an instant response with estimated repayment amounts based on your requested loan amount. BoM will then contact you to guide you through the next step of your home loan application.


  • You need to be 18 years old or older
  • You intend to buy a property in Australia or want to refinance an existing loan from another institution in Australia
  • You're employed from an Australian employer and earning a regular income
  • You have a good credit history (this excludes bankruptcy, insolvency or missed payments)


  • Your contact details
  • Information about any outstanding loans you may have
  • Details of the property that you want to buy or refinance

Home Loan Offers

Important Information*
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Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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